Judge Dismisses Lawsuit Against GLG
GLG ANNOUNCES DISMISSAL OF US SHAREHOLDER LAWSUIT
Vancouver, B.C. February 3, 2014 - GLG Life Tech Corporation (TSX: GLG) (“GLG” or the “Company”), a global leader in the agricultural and commercial development of high quality natural sweeteners, is pleased to announce that the class action lawsuit filed against GLG for alleged failures to disclose certain information has been dismissed.
Earlier today, the Company secured a dismissal with prejudice of a securities class action filed against it and two of its officers (CEO Dr. Luke Zhang and President and CFO Brian Meadows) in the United States District Court for the Southern District of New York, In granting the Company’s motion to dismiss the class action, the Court held that the Company had previously disclosed “substantial information [to] the market that suggested precisely that which plaintiffs alleged defendants failed to disclose” under the United States securities laws. The Court further found that “plaintiffs have failed to allege that defendants had a plausible motive to defraud investors,” and noted the fact that Dr. Zhang “purchased a significant number of shares during the putative class period.” Significantly, the Court also ruled that the Company “persuasively argue[d]” that it had also “disclosed all that was required “under Canadian regulations.
Contact: Stuart Wooldridge, Investor Relations
Phone: +1 (604) 669-2602 ext. 104
Fax: +1 (604) 662-8858
Email: firstname.lastname@example.org...February 03, 2014